BitFrontier Capital Holdings, Inc. (OTC PINK: BFCH) Signs Ground Lease for Approximately 1.3 Acres of Industrial Land Needed to Construct Its Cryptocurrency Mining Facilities
Fredericksburg, VA, June 29, 2018 (GLOBE NEWSWIRE) -- BitFrontier Capital Holdings, Inc. (OTC PINK: BFCH) is pleased to announce it has signed a ground lease on approximately 1.3 acres of industrial land, with 1 acre being fenced in and secured.
We have opted to lease the industrial land needed to begin construction on our Cryptocurrency mining facilities instead of purchasing the land to lower the capital requirements to get up and mining as soon as possible. The money we would have used to purchase the land can now be used to immediately begin construction of our first facility.
This building site was selected over other potential locations for several key factors:
- The average cost of industrial electricity in the area is 6.53c/kWh. With industrial rates in in the U.S. ranging from 4.13c/kWh to 30.82c/kWh, we are well under the national average cost of industrial electricity in the U.S. providing greater profit margins for our mining operations,
- The average temperature is approximately 53°F, which is more than optimal for operating mining equipment. We will not be required to run costly air-conditioning equipment for the miners, and instead will have an evaporative cooling system, which will cut the electrical costs for cooling the miners significantly compared to traditional air-conditioning,
- It is large enough to accommodate four of our mining facilities,
- It has already been approved for industrial operations, which should facilitate easy access to building and operating permits,
- And the leasing entity has expressed interest in selling the property to us in ten years when the lease expires.
We have been working to get the land cleared and ready to build on over the past few weeks and are in the final stages with only a few old concrete slabs left at this point. We are in the process of scheduling contractors for next week to finish the demolition, at which point we will be ready to start construction on the first facility.
Once the land has been cleared, we will be ordering the first prefabricated metal warehouse, and soon after hire the necessary contractors to lay the foundation and erect the prefabricated metal warehouse when it arrives on site.
We will be documenting the entire buildout process with pictures on our twitter account at https://twitter.com/BitFrontierInc
About BitFrontier Capital Holdings, Inc.
BitFrontier Capital Holdings is a blockchain-oriented Company focused on the cryptocurrency markets. We plan on expanding operations in the Bitcoin mining industry and see great potential in this rapidly expanding sector. Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new Bitcoins are released.
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's reports and filings at https://www.otcmarkets.com/
Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made.
CONTACT: BitFrontier Capital Holdings Investor Relations 540-736-3069 IR@bitfrontiercapitalholdings.com
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